When is it time to "throw in towel"?

Answered by:

Donna Quesinberry

Highly recommended
DonnaInk Publications, L.L.C.
5 Questions answered
Answered on June 10th, 2020

Don't know if I'd use the terminology "throw in the towel," rather - "adjust or trim the sails" and use the past performance for lessons-learned (L2). Personally, I made the mistake of taking a home business to a suite and then a shop, based on the suggestions of "other" well-intended people. I realized my own judgement of being home-based was wisest where brick and mortar is no longer essential. In trusting people I believed were good people with good intentions having come from a bigger city to a small town enclave, I was cheated out of revenue while my supposed good intended contemporaries in a small community lied to my face with a smile on theirs - so I had multiple L2 in a short time frame in the manner of significant financial losses.

Result? My original ideas were spot on and to me this was the best takeaway. Now, with COVID-19, the reality of an online, home-based and mobile business model, is underscored as more fiscally responsible because I can drive savings to my customers due to "not having" a brick and mortar existence with wolves at the doors and windows is just a better life.

Lesson: follow your instincts and adjust or trim the sails. Embrace these changes for a better horizon - no matter how painful it is - it is improvement . . . don't they say for every great business they often had four or five restarts? Just chalk it up to - what happens in moving the business model forward.

Q.



1 Reply

some good advice, hard-won there. Hope you surge back. Much of the pain small businesses are feeling, e.g. restaurants, gyms, is politically driven. Business folks need to be engaged in the political process, at least as a defensive measure.
See all 67 answers